Japan marketplace Mercari gets $74m Series D round

The investment is believed to position Mercari as the county's first unicorn, with a valuation in excess of $1 billion. Mitsui's involvement represents the first time that a Japanese general trading company has invested in the "sharing economy" sector.

According to a statement, the new capital will be used to expand the company globally, especially in emerging markets like Southeast Asia. This will be achieved by leveraging Mitsui's expertise and networks to provide the functions needed to set up business operations and build partnerships with local companies in each country.

Mitsui described Mercari as "an ideal partner," citing the online flea market operator's eagerness to expand what is already Japan's biggest user base. The app has been downloaded 32 million times - 25 million in Japan and seven million in the US.

According to Tech Crunch, other participants in the round include Development Bank of Japan and Sumitomo Mitsui Trust Bank's Japan co-investment program, as well as existing backers Globis Capital Partners, World Innovation Lab and Global Brain.

It builds on a $21.8 million Series C round raised in 2014, which also featured GMO Venture Partners and East Ventures.

The current Mercari development plan aims to use mobile telecommunications infrastructure as a platform for introducing various services, including mobile payments and e-commerce.

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• Topics
• North Asia
• Consumer
• Expansion
• Technology
• Japan
• The Development Bank of Japan (DBJ)
• World Innovation Lab (WiL)
• TMT